Insight and Intelligence on the London & International Insurance Markets

24 January 2018

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BigFoot claim settled for $550mn

Charlie Thomas and Adam McNestrie 1 February 2017

The upstream energy market has settled a major construction claim related to the faulty BigFoot Gulf of Mexico platform for less than many in the sector had first feared, The Insurance Insider can reveal.

Lead insurer Munich Re Underwriting struck the deal at the outset of the year, with carriers agreeing to pay out $550mn to the Chevron-led joint venture.

Carriers in the market are pleased with the agreement, given fears that the loss could spiral towards the high hundreds...

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